การศึกษาความเป็นไปได้ทางด้านการเงินในการลงทุนอพาร์ทเม้นท์ ในตำบลทับเที่ยง อำเภอเมือง จังหวัดตรัง

Abstract

The objective of this research was to study the financial feasibility study on the investment project for apartment in Tubtiang sub-district, Muang district, Trang. The apartment was a three-storey building which consists of 32 rooms. The data were collected by the interview of 3 rental apartment business entrepreneurs in Tubtiang sub-district, Muang district, Trang and 3 building contractors. The duration of the project was 20 years and the discount rate was 9.51%. The data were analyzed through the application of financial analysis; Discount Payback Period (DPB), Net Present Value (NPV), Internal Rate of Return (IRR), Modified of the Internal Rate of Return (MIRR), Profitability Index (PI) and Sensitivity Analysis. The results of the study indicated the financial feasibility on the investment project for apartment was worthwhile, details as follow, the payback period was 13 years 5 months 18 days which was acceptable, the net present value with 9.51% discount rate was 4,021,048 baht, the internal rate of return was 13.33%, modified of the internal rate of return was 11.14% and profitability index was 1.35 times. Moreover, the project sensitivity analysis demonstrated that; in case of the occupancy rate decreased: monthly 70%, daily 50%, in case of the occupancy rate was fixed; the operating expenses increased of 5%, 10% and 15%, the total cost increased of 5% and 10%, the terminal value was 50%, 40% and 30% of total cost. The results of project analysis showed the same way which were also feasible and interesting for investment. However, in case of the occupancy rate decreased: monthly 60%, daily 40% and in case of the occupancy rate was fixed, the total cost increased of 15%, the results of project analysis showed in the different way which were infeasible, therefore the project was denied.